Financial news

Philip Yea appointed Chief Executive of 3i Group plc

14 May 2004

3i Group plc is pleased to announce the appointment of Philip Yea as Chief Executive. He will succeed Brian Larcombe who is stepping down at the Annual General Meeting on 7 July 2004.

Mr Yea is currently a managing director at Investcorp, within its private equity business. He will take up the Chief Executive position soon after the 3i AGM in July on completion of various projects at Investcorp.

Baroness Hogg, Chairman of 3i, commented:

"We are delighted to have attracted such a high calibre candidate to the job. Philip has an exceptional breadth of experience across industry, the City and private equity. 3i is a highly focused business with clear competitive advantage and Philip's experience of major international businesses is a natural fit."

Philip Yea commented:

"To be offered the CEO role in the premier quoted private equity and venture capital business is a great opportunity. 3i is a company I have long admired, it has huge potential to grow and as yesterday's results showed, a strong platform from which to do so."

For further information, please contact:

Patrick Dunne, Group Communications Director

Tel: 020 7975 3283

Philip Gawith, The Maitland Consultancy

Tel: 020 7379 5151

Notes to editors
Philip Yea joined Investcorp in 1999 where he is Managing Director within its private equity business. He has been a director or chairman of various portfolio companies. Mr Yea is also a member of the board of HBOS plc and is the senior independent director at Manchester United plc. Prior to joining Investcorp, Mr Yea was the group finance director at Diageo plc from 1997-1999. Mr Yea was the finance director at Guinness plc from 1993-97 and led the merger talks with Grand Metropolitan plc which led to the creation of Diageo plc.

About 3i
3i is a world leader in private equity and venture capital. We focus on buy-outs, growth capital and venture capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. It underpins the value that we deliver to our portfolio and to our shareholders. 3i's buy-out business concentrates on the mid and smaller buy-out markets in Europe and Asia Pacific. In the year to 31 March 2004 3i invested £492m. Our growth capital business invests in high growth companies expanding organically or through acquisition. In the year to 31 March 2004, 3i invested £313m. 3i's venture capital business invested £174m in the year to 31 March 2004 in early stage technology companies.